In brief: Redwheel enters private markets with climate fund

The $17bn manager has partnered with Turquoise to launch its first venture capital fund.

Redwheel, a primarily public markets manager with $17.4 billion assets under management, has partnered with climate tech investor Turquoise to launch a climate fund, according to a statement.

The Redwheel Turquoise ClimateTech fund will invest in post-revenue and growth-stage companies in three sectors: energy, transport and mobility, and resource efficiency.

Redwheel declined to comment on fundraising, however New Private Markets understands that it is seeking to raise over £100 million ($127 million; €117 million) with a £250 million hard-cap, and will make 10-15 investments.

This is the first time Redwheel has launched a private markets product. CEO Tord Stallvik said: “We anticipate that the global transition towards a more sustainable future will yield attractive investment opportunities for decades to come. This partnership and extension into the private sphere is a natural progression from the launch of the Redwheel Clean Economy strategy in 2023, capitalising on the opportunity in public markets.”